Deals
Telegram Raises $1.7 Billion in Coin Offering, May Seek More
- Pavel Durov’s messenger gets enough demand after Bitcoin fell
- Will use proceeds to build blockchain with own cryptocurrency
Photographer: Chris Ratcliffe/Bloomberg
This article is for subscribers only.
Telegram Group Inc., an encrypted messaging app seeking to create its own cryptocurrency, has increased the proceeds from the world’s largest initial offering to $1.7 billion, according to a regulatory filing.
Telegram raised $850 million from 94 investors in March in addition to $850 million it gained in February, and “may pursue one or more subsequent offerings,” the British Virgin Islands-registered firm said in a filing to the U.S. Securities and Exchange Commission on Thursday.